Are you concerned about who pays gift tax? Gift tax is a tax you pay when you transfer assets to someone else. The asset can be cash. The asset can be real estate, stocks, or bonds. All of these transfers may trigger gift tax. We are not talking about a small gift,...
Magic Words: How Legalese Impacts Your Family
Every time you buy a car, rent an apartment, or turn on utilities, you are signing a legal agreement which you think you understand. You think you understand the agreement because the language looks like it is written in normal English. Beware! The legal agreement...
When the Last Will Fails: Operation of Law
Disinherited If a loved one dies and the Last Will says you get everything, why were you disinherited? The most common reason for you to be disinherited is because the assets were transferred to someone else by operation of law. Operation of Law ...
Charitable Giving for Everybody
While you are enjoying your Thanksgiving, remember that you have many choices in giving to charity. There are many options to consider.
An Update on the Presidential Election and the Changing Tax Law
The election is over, and the people of the United States have spoken. Barack Obama has been re-elected to serve four more years as President. As a result of his re-election, we are faced with a strong division in our government. The President has expressed his...
With the $5 Million Gift Tax Coupon Set to Expire, Is Now the Time for You to Give?
In 2010, Congress and the President raised the lifetime gift tax coupon (exclusion) amount from $1 Million to $5 Million. We estate planning attorneys and our client families rejoiced! We now had an estate planning coupon which made sense. The new coupon would...
Changing Tax Law and the Presidential Campaign
Curiosity and excitement are always to be expected in an election year—especially curiosity about taxes. We all know that each presidential candidate has very different philosophies about where the tax burden lies, how much should be paid, and by whom; but all most of...
States are Looking at The Big Picture When It Comes to Taxes
In addition to a federal estate tax, most people can plan to pay an estate tax for their state of residence as well upon the distribution of a deceased loved one’s estate. These gift and estate taxes generate a significant amount of revenue for most states; but...
529 Plans Are Useful for College Tuition AND Estate Planning
As the cost of college tuition rises, so do parents’ stress levels. According to one website, the cost of tuition for one year at some schools can be enough to make a decent down-payment on a house. By the time you’ve paid for your child to spend 4 or 5 years at a...
You Can Help Your Child Become a Homeowner—But Do Your Research First
American culture is one that respects independence and self-reliance; but with the current tough economic situation, and the fact that more young adults are graduating from college without jobs, or living at home until well into their 20’s, many families are opting to...
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